Is $93.5K the Next Breakout?

Key Insights:

• Bitcoin retests $93.5K level while facing resistance at key bull market moving averages.
• Bitfinex whales hold strong long positions; no rise in shorts signals continued market confidence.
• Technical pattern remains bullish, with potential 30% move toward $126K if structure holds.

Bitcoin was trading at $96,647.06. Over the past 24 hours, the price has moved slightly lower by 0.98%. Over the last seven days, however, it is up by 6.5%. Volume for the day stands at $62.7 billion. The recent bounce follows a steady climb of more than 21% from the last local low.

The price is now approaching an area watched closely by traders — the 21-week and 50-week EMAs. These moving averages have often acted as resistance during early recovery phases. Bitcoin is trading just above $93,500, a level that may decide whether the trend continues higher or pauses.

Bitcoin Approaches Critical Weekly Level

Charts show that Bitcoin has broken above a recent downward trendline. This move was followed by a rally toward the cluster of EMAs. A horizontal level near $93,500 is now in focus. A close above this level on the weekly chart could confirm continued strength.

Rektcapital noted,

“Bitcoin is well-positioned for a Weekly Close above $93,500 but it is finding resistance at the Bull Market EMAs,”

Moreover, past cycles show that Bitcoin sometimes pulls back after first hitting these levels. Still, once the EMAs are cleared, price often moves higher. 

Trend Structure Remains Intact

Another chart, shared by JavonTM1, outlines Bitcoin’s structure using wave formations. The pattern shows a series of higher lows and steady recoveries. So far, this trend has not broken. From the recent local low, Bitcoin has risen over 21%, suggesting buyers are still active.

“This pattern suggests that $BTC can climb another ~30% to and above the $126,230.09,” the post stated. That projection lines up with previous moves that followed similar setups. The next few weeks may show whether the price can hold current levels and push toward that zone.

Bitfinex Whale Positions Show No Shift Yet

Data from Bitfinex adds more context. Long positions from large holders remain high, around the 70 million mark. These levels have been linked to profit-taking in the past, but no major drop has been seen yet. That means large traders have not exited their positions.

Short positions remain low. This shows that whales are not preparing for a move down at this stage. “They are also not currently interested in short positions,” wrote CW. Historically, short exposure tends to rise near the end of a bull cycle. For now, the trend appears to remain in place.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.